Silver price (XAG/USD) is breaking higher from its prison range seen over the past one week, as the bulls are back in the game, looking to recapture the $23 mark.
The sharp pullback in the US dollar across the board amid readjustment of the positions has collaborated with the upside in the USD-denominated white metal.
Looking at silver’s four-hour chart, the price has been trading within an ascending triangle formation since October 3, now aiming for the pattern hurdle at $22.81.
Silver price has managed to find a strong foothold above the powerful resistance at $22.59, where the 21 and 50-Simple Moving Averages (SMA) intersect.
The Relative Strength Index (RSI) edges higher above the central line, backing the upbeat view.
A four-hourly candlestick closing above the horizontal trendline resistance at $22.81 will confirm an upside break of the ascending triangle pattern, calling for attest of the $23 mark.
The next significant upside barrier awaits at the descending 200-SMA at $23.15.
On the flip side, rejection at the trendline hurdle could recall the sellers, downing the rates towards the abovementioned strong resistance-turned-support at $22.59.
The horizontal 100-SMA at $22.49 will be threatened if the downside momentum picks up steam.
Further down, the rising trendline support at $22.37 will be the last line of defense for silver bulls.
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